Industry
Calgary-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is planning a non-brokered private placement of up to 468,750 units priced at $1.28 each, for total gross proceeds of $600,000. Each unit contains one common share and one share purchase warrant the warrant entitles the holder to purchase a further common share for […]
By Canadian Underwriter | January 22, 2004
1 min read
Fairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best to place under review with developing implications the financial strength ratings of Fairmont Insurance Co. […]
By Canadian Underwriter | January 21, 2004
TD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name, will become the largest direct writer of p&c insurance in Canada, and join the top […]
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Lloyd’s of London chair Lord Peter Levene says that there is still hope for tort reform in the U.S. to stem the tide of escalating losses to global insurers.”If there were an Oscar awarded for the most talked about issue, resulting in the least action, then tort reform would win it,” Levene told a meeting […]
By Canadian Underwriter | January 16, 2004
New car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could name the transmission type and 91% the number of cylinders in their vehicle, 51% could […]
By Canadian Underwriter | January 15, 2004
Toronto-based Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it is consolidating control of its Canadian and U.S. subsidiaries through the head office of the holding company.This means presidents of the company’s U.S. subs will report directly to Kingsway Financial CEO Bill Star.The move has led to the resignation of Kingsway America CEO Jim Zulkhe, […]
By Canadian Underwriter | January 14, 2004
International broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.”The intensity in rate increases has shifted from property to the casualty lines,” writes Mark McKay, executive vice president of Willis Canada in Willis’ annual “Marketplace Realities” report.In 2004, […]
By Canadian Underwriter | January 13, 2004
Insurers are coming out in favor of new reforms introduced in the Ontario legislature. The McGuinty Liberals had promised reforms after freezing rates shortly after taking office in October. The reforms mean that the rate freeze will end, but insurers will be required to file new, lower rates by January 23. But insurers say the […]
By Canadian Underwriter | January 12, 2004
The reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year and that insurers are expected to file new, lower rates by January 23, 2004.Premier Dalton […]
Through their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the mergers could be harmful “if the purpose or end result of such a merger was […]
By Canadian Underwriter | January 9, 2004
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